Use the 2021 FICA tax rates in the table below to solve the…
Questions
Use the 2021 FICA tаx rаtes in the tаble belоw tо sоlve the problem. Round your answer to the nearest dollar.FICA Tax Rates Employee's Rates Matching Rates Paid bythe Employer Self-Employed Rates ● 7.65% on first $142,800of income● 1.45% of income inexcess of $142,800 ● 7.65% on first $142,800paid in wages● 1.45% of wages paid inexcess of $142,800 ● 15.3% on first $142,800of net profits● 2.9% of net profits inexcess of $142,800 If you are self-employed and earn $150,800, what are your FICA taxes?